Trends come and go, but while they are trending, you need to be aware of them. What’s hot? What’s not? In a recent discussion with a few industry leaders, we raised this topic. Here is some of what emerged.
- Corporate Social Responsibility (CSR) is no longer just a department, title, or vision. It is no longer a “nice-to-have” for companies. CSR is an expectation. It has shifted from being an added benefit of a company’s value proposition to being a greater expectation of it.
This means that investments need to work to deliver what truly matters. This then becomes Impact Investing. The VC world has been in this circle for a long time.
We have clearly seen that Millennials (the second largest generational group, but the largest supporters of the economy and largest block of voters) and Gen Z (largest generational group) prefer purpose and fulfilment over financial security, but are now pushing firms for both.
The second last critical key trending area of CSR is the mental wellness of our communities, and specifically our staff. How has COVID affected them? As we move forward with “return-to-workspace” plans, this understanding and meeting of employee needs is vital.
Finally, how are corporations embracing activism? What does your company stand for? Where does it draw the line? Will it remove its sponsorship if it feels the property is not meeting social justice standards? How are we engaged in Truth and Reconciliation? What about movements like Me Too and Black Lives Matter? And what about the environment?
- Social Impact is a high priority. As we continue to further emerge from lockdowns, restrictions, passports, and isolation, and begin returning to offices, the realization of how much we missed social interaction is clearly evident. This means interactions at festivals, small events, sport events, concerts, and theatre performances will return. As we have seen, it will be slow and cautious, but they will return. This is where people want to be.
This also includes the re-emergence of traditional volunteering. The need of non-profits and charities is greater than ever as they rebuild and re-establish. People want to engage in social interaction and help others, so volunteering will be a major part of social impact trending.
Due to the geographic controls over the past 26 or so months, we will see more travel for social engagement. We have pretty much Zoomed each other to death. Zoom and its compatriots will stay a big part of our lives, but the yearning for face-to-face business meetings and conferences will surge. Plus, with so many people now working from home and potentially still doing so, travel becomes important because many of those homes have moved from “house in the city where I worked” to “cottage where I now reside” or “island I moved to last year.” And now, many of the international projects for charities that continued during the pandemic or were initiated during the pandemic will require on-site visits and inspections.
Social impact, engagement, and interaction will be the second big trend for the balance of this year and perhaps longer.
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